How much can you save?

bodmil

hostie1985 wrote: »

Yeah, i still live at home and my parents refuse to take any rent money from me because they know that i am saving. I dont have many outgoings - in the summer, i can earn alot more than in the winter months.

Hostie

xx

Ditto that, my parents refuse rent often, unless I have splashed cash elsewhere, then they feel a little less generous! But it's their way of gifting me a deposit without actually having the cash to do so. I think a few years at home when you're young is worth a whole lot more when you're settled and have your own home with a good chunk of it already paid.

bodmil

compound wrote: »

I feel really old .... (I’m 22, LOL).

OI! None of that, thank you very much! 24 is the new 18 don't you know!

dizzybee

hi,
all can i join please not saving for any reason just to have some money to fall back on in a crisis,i,m also trying to clear a small amount of manageable debt.i know people say you shouldn't have debts and savings but it would be nice to have a little in the bank for emergencies.
so my plan is to save any spare cash i have at the end of the week , any money from e bay,surveys,extra work.etc.
you all seem to be doing well and its good how everyone motivates each other.

dippykitty

dizzybee wrote: »

hi,
all can i join please not saving for any reason just to have some money to fall back on in a crisis,i,m also trying to clear a small amount of manageable debt.i know people say you shouldn't have debts and savings but it would be nice to have a little in the bank for emergencies.
so my plan is to save any spare cash i have at the end of the week , any money from e bay,surveys,extra work.etc.
you all seem to be doing well and its good how everyone motivates each other.

Welcome aboard! I agree about the emergency fund - you never knew when an expensive crisis is going to arrive and it's much more sensible than slapping it all on credit cards and getting into a mess! What are you setting your target as?

Lokolo

ljaneyr wrote: »

Anyway back on topic! I just reduced my HSBC overdraft limit to £200 :j That's a big step as it was £1750 before. Now just got £158 to pay off before the 26th but I've gone way over my budget this month so far as I unexpectedly had ebay selling fees , dog food and a much needed hair cut to pay for this week so spending is now frozen for the rest of the month

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Be careful. If you change your overdraft limit you get charged £25 a time (well you should if you're not!)

dippykitty wrote: »

Welcome aboard! I agree about the emergency fund - you never knew when an expensive crisis is going to arrive and it's much more sensible than slapping it all on credit cards and getting into a mess! What are you setting your target as?

As dippy says! Whats the target?

If you don't have a target you end up just diddly daying the money about and taking some out. Well thats what I do anyway

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I got my last pay this month for my placement job. Only 4 weeks left but we are having loads of BBQs which are fun

Put some money into Uni Savings (£300), so I now have £1400 in there, which is £100 per month apart from December which is £300 (xmas pressies etc.) over 11 months. Plus my grandparents money I get monthly means I have £300 a month to live off in my final year (after rent!). I have budgeted to spend the whole £300 ... but I doubt I will end up doing so.

I also opened up this years ISA and deposited £600 into that. Which is my Uni Goal Savings. So thats updated.

My Car Savings account matures on 17th, planning on transferring £6,000 to Egg Savings at 2.6%. And £1,000 to my Uni Goal Savings as I planned to (although I did plan £2,000, but I don't think I will need it to reach my goal )

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AND its so sunny woo.

bodmil

Lokolo sounds like you're making good progress.
I'm being sent home from work soon as the customer thinks I'm working too much over time. Git! :mad: That £46k is looking a little harder to achieve now!

dippykitty

It's not gone through yet but I've arranged for £50 to go into the ISA/emergency fund next week and I'm counting it now anyway! That'll take me back to £4,884 so I'm about £300 (maybe just over) off getting back what I had in there before I took a load out for the vet bills. Slow going but I'm also building up the semi-regular expenses fund at the same time with my eye test/new glasses/dental appointment coming up soon.

bodmil

Well done Kitty. By the way, what is a semi regular expense?!

dippykitty

bodmil wrote: »

Well done Kitty. By the way, what is a semi regular expense?!

Things like eye tests, new glasses, dental work etc., basically stuff that I don't pay for every month but would make a bit of a dent in my budget when it comes around on fairly regular basis (at least once or twice a year), if that makes sense?

ljaneyr

Lokolo wrote: »

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Be careful. If you change your overdraft limit you get charged £25 a time (well you should if you're not!)

It's free to change it online unless you do it more than once in 6 months which I don't plan to do. I spent loads last week which is so annoying. Mainly on work clothes, ebay fees and dog food and a collar but it all adds up. It was my birthday on Thursday (25 is actually the new 18) so I feel I shoud pay back some of my overspend with the cash I got from mine and my OH's parents but it doesn't seem fair!?!

Anyway birthday was a complete non-event as I had a performance on at school so worked 8am to 10pm on the day. Woke up the next morning with stomach pain and spent the day waiting for a (very uncomfortable) bed and then Friday night courtesy of the NHS with suspected appendicitis. Which it turned out not to be and I eventually got home Sat afternoon. What a birthday!

I can't wait to pay the final £158 into my overdraft as I can finally start saving again, except then I have car insurance to pay for next month so no savings expected then either. I feel like I'm not getting anywhere!